Earings Report: NVR profit up 22 percent
- October 18, 2012
NVR Inc. (NVR), Reston: Third-quarter results
THE TAKE: Reston-based NVR Inc., one of the country’s largest homebuilders and mortgage banking companies, reported a 22 percent increase in profit during the third quarter. Homebuilding revenues were up 22.6 percent as new orders increased 15 percent during the third quarter. Mortgage banking fees increased 54.7 percent, as loan production was up 21 percent over last year. The company sells and builds homes under the brands Ryan Homes, NVHomes and Fox Ridge Homes.
Homebuilding revenue: $854.4 million, up 22.6 percent from $697 million during the third quarter of 2011
Mortgage banking fees: $16.2 million, up 54.7 percent from $10.5 million the previous year
Net income: $53 million, up 22 percent from $43.4 million the previous year
Diluted earnings per share: $10.33 per share, up from $7.98 per share
Other notes: The company’s backlog, an indicator of future growth, was up 27 percent to 4,950 units in the third quarter.